Macroeconomics without laws : methodological and theoretical aspects
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Authors
Van Eeghen, P. (Piet Hein)
Issue Date
1999-11
Type
Language
Keywords
Austrian economics , Tendency , Macroeconomic equilibrium.
Alternative Title
Abstract
This study develops an economic methodology in which,behavioural laws (in the sense of
necessary connections between cause and effect) play no essential role. Hayek and Menger
are important sources of inspiration. Economic behaviour is explained by way of tendencies
rather than laws and insight into economic phenomena is gained by laying bare their "action
structure" in which behavioural explanation and behavioural laws play no role. This
methodology is applied to the explanation of macroeconomic coordination. The appropriate
equilibrium conditions are developed and the relevant tendencies away from or towards
equilibrium are identified. The institutions responsible for these tendencies are identified and
anarysed. In the light of these findings, pre-Keynesian macroeconomics, the
macroeoconomics of Walrasian theory, as well as Keynes's General Theory itself are
critically assessed.
Description
Citation
Van Eeghen, P. (Piet Hein) (1999) Macroeconomics without laws : methodological and theoretical aspects, University of South Africa, Pretoria, <http://hdl.handle.net/10500/16299>